1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Directory 3.1 Futures Data - The strong support level of the lithium carbonate futures main contract is 120,000 yuan/ton, with a current volatility of 65.3% and a historical percentile of 93.2% over 3 years [3] - The closing price of the main contract was 166,980 yuan/ton, up 10,920 yuan (7.00%) daily and 29,040 yuan (21.05%) weekly. The trading volume was 608,177 lots, up 539,686 lots (787.97%) daily and 303,940 lots (99.90%) weekly. The open interest was 460,281 lots, down 46,421 lots (-9.16%) daily and 74,718 lots (-13.97%) weekly [4] - The closing price of the weighted index contract was 167,443 yuan/ton, up 10,934 yuan (6.99%) daily and 29,277 yuan (21.19%) weekly. The trading volume was 1,181,972 lots, up 1,053,672 lots (821.26%) daily and 646,397 lots (120.69%) weekly. The open interest was 901,351 lots, down 93,555 lots (-9.40%) daily and 95,114 lots (-9.55%) weekly [4] - The LC2605 - LC2607 spread was -620 yuan/ton, up 360 yuan (-36.73%) daily and 60 yuan (-8.82%) weekly. The LC2605 - LC2609 spread was -2,220 yuan/ton, up 140 yuan (-5.93%) daily and down 140 yuan (6.73%) weekly. The LC2607 - LC2609 spread was -1,600 yuan/ton, down 220 yuan (15.94%) daily and 200 yuan (14.29%) weekly [4] - The Guangzhou Futures Exchange lithium carbonate warehouse receipts were 25,970 lots, up 610 lots (2.41%) daily and 5,689 lots (28.05%) weekly [4] 3.2 Spot Data - Lithium ore prices showed significant increases. For example, lithium mica (2 - 2.5%) rose to 4,950 yuan/ton, up 310 yuan (6.68%); lithium spodumene (3 - 4%) rose to 8,625 yuan/ton, up 225 yuan (2.68%) [20] - Lithium salt prices also increased. Industrial - grade lithium carbonate rose to 156,000 yuan/ton, up 7,500 yuan (5.05%); battery - grade lithium carbonate rose to 159,500 yuan/ton, up 7,500 yuan (4.93%) [20] - Other products like industrial - grade lithium hydroxide, battery - grade lithium hydroxide, and various cathode materials and electrolytes also had price increases to varying degrees [20][22] 3.3 Basis and Warehouse Receipt Data - The basis of the main continuous contract, near - month contract, and brand - based basis of lithium carbonate are presented, along with the basis quotes of different companies such as Shengxin Lithium Energy, Tianqi Lithium, etc. [29][30][31] - The total number of warehouse receipts was 25,970 lots, an increase of 610 lots. Some warehouses had changes in warehouse receipt quantities, such as Rongjie Group increasing by 230 lots and Shanghai Guochu decreasing by 13 lots [35] 3.4 Cost and Profit - The production profits of lithium carbonate from purchased lithium ore (lithium spodumene and lithium mica), the production profits of lithium hydroxide by causticization and smelting methods, the theoretical delivery profit of lithium carbonate, and the export profit of lithium hydroxide and import profit of lithium carbonate are presented [37][38][39]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents a comprehensive analysis of the lithium carbonate market, including futures data, spot data, basis and warehouse receipt data, and cost - profit analysis, providing a detailed picture of the current state of the lithium carbonate industry [1][19][28][36] 3. Summary by Relevant Catalogs 3.1 Futures Data - **Lithium Carbonate Futures**: The closing price of the main contract was 142,300 yuan/ton, with a daily increase of 4,360 yuan (3.16%) and a weekly increase of 23,480 yuan (19.76%). The trading volume was 420,407 lots, with a daily increase of 116,170 lots (38.18%) and a weekly decrease of 268,357 lots (-38.96%). The open interest was 506,520 lots, with a daily decrease of 28,479 lots (-5.32%) and a weekly decrease of 5,825 lots (-1.14%) [3] - **Weighted Index Contract**: The closing price was 142,526 yuan/ton, with a daily increase of 4,360 yuan (3.16%) and a weekly increase of 23,174 yuan (19.42%). The trading volume was 737,125 lots, with a daily increase of 201,550 lots (37.63%) and a weekly decrease of 422,948 lots (-36.46%). The open interest was 964,232 lots, with a daily decrease of 32,233 lots (-3.23%) and a weekly increase of 18,663 lots (1.97%) [3] - **Spread between Contracts**: LC2605 - LC2607 was - 800 yuan/ton, with a daily increase of 120 yuan (17.65%) and a weekly decrease of 340 yuan (-29.82%); LC2605 - LC2609 was - 2,080 yuan/ton, with no daily change (0.00%) and a weekly decrease of 600 yuan (-22.39%); LC2607 - LC2609 was - 1,280 yuan/ton, with a daily decrease of 120 yuan (-8.57%) and a weekly decrease of 260 yuan (-16.88%) [3] - **Guangzhou Futures Exchange Lithium Carbonate Warehouse Receipts**: There were 25,180 lots, with a daily increase of 2,039 lots (8.81%) and a weekly increase of 6,989 lots (38.42%) [3] 3.2 Spot Data - **Lithium Ore**: The prices of various types of lithium ore, such as lithium mica (2 - 2.5%), lithium spodumene (3 - 4%, 5 - 5.5%), Brazilian CIF - lithium spodumene (3 - 4%), Australian CIF - lithium spodumene (6%), FASTMARKETS - lithium spodumene (6%), and amblygonite (6 - 7%), all showed varying degrees of increase [19] - **Lithium Salts**: The prices of industrial - grade lithium carbonate, battery - grade lithium carbonate, industrial - grade lithium hydroxide, battery - grade lithium hydroxide (coarse particles), battery - grade lithium hydroxide CIF CJK, and LH CIF CJK - FASTMARKETS all increased, while the price of hexafluorophosphate lithium decreased by 1.86% [19] - **Cell Materials**: The prices of energy - storage lithium iron phosphate (2.5g), power - lithium iron phosphate (2.5g), consumer ternary materials (6 - series), and power ternary materials (6 - series) increased, while the prices of iron - lithium energy - storage electrolyte, iron - lithium power electrolyte, and ternary power electrolyte remained unchanged [19] - **Exchange Rate**: The US dollar to RMB exchange rate was 6.9837, with a daily increase of 0.0003 (0.00%) [19] 3.3 Basis and Warehouse Receipt Data - **Basis**: The main - continuous basis and near - month contract basis of lithium carbonate are presented in the form of seasonal charts. The brand basis quotes of various lithium carbonate producers are also provided, with no daily change [30][31][32] - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts was 25,180 lots, with a daily increase of 2,039 lots. Different warehouses showed different changes in warehouse receipt quantities [34] 3.4 Cost - Profit - **Production Profit**: The production profit of lithium carbonate from purchased lithium ore (lithium spodumene concentrate with Li₂O:6% and lithium mica concentrate with Li₂O:2.5%) and the production profit of lithium hydroxide by causticizing method and smelting method are presented in the form of charts [37] - **Theoretical Delivery Profit**: The theoretical delivery profit of lithium carbonate is presented in the form of a chart [38] - **Export and Import Profit**: The export profit of lithium hydroxide and the import profit of lithium carbonate are presented in the form of a chart [39]